Author: The Daily Hodl

BitMEX co-founder Arthur Hayes is saying that crypto assets are likely to benefit from the US monetary policy going forward. In a new essay, Hayes says that the U.S. Treasury and the Federal Reserve are engaging in “stealth money printing policies.” According to the BitMEX co-founder, the “slow addition of billions of dollars of liquidity each month will dampen negative price movement” for crypto assets. “While I don’t expect crypto to fully realize the recent US monetary announcements’ inflationary nature immediately, I expect prices to bottom, chop, and begin a slow grind higher.” Hayes says that the recent fall in…

Closely followed quant analyst PlanB believes that Bitcoin (BTC) can reach six figures before the end of 2024. In a new strategy session, the on-chain analyst tells his 157,000 YouTube subscribers that based on prior history, Bitcoin’s price is likely to double the current value to restore BTC miners’ revenue losses due to the April halving. “What’s next for 2024? It is inevitable that we reach $100,000, in my opinion, because miner revenue has to recover. Mining revenue, because of the halving, did halve. All the miners, the entire industry, has seen its revenue drop by 50% and it has…

Crypto asset manager Pantera Capital announced on Thursday that it’s investing in the layer-1 altcoin TON, triggering a modest rally for the asset. TON is the native token for a layer-1 blockchain initially developed by the encrypted messaging platform Telegram. Telegram parted ways with the project in 2020 following a legal battle with the U.S. Securities and Exchange Commission (SEC). The Open Network, an open-source community of developers, took over management of the technology that year. TON, however, can still be sent by Telegram’s 700 million users within the platform without entering long wallet addresses. That connection to Telegram drove…

Dogecoin (DOGE) competitor Shiba Inu (SHIB) is announcing the completion of its highly anticipated Shibarium hard fork. In a new thread on the social media platform X, the team behind the dog-themed meme asset says they have officially completed the Shibarium hard fork, a move traders have been expecting since last year. “Shibarium has successfully completed its hard fork at block height 4504576! Get ready for: blazing-fast transactions and predictable gas fees!” Shibarium, a layer-2 scaling solution, initially released a beta bridge for public use in July 2023. It utilized both plasma and proof-of-stake (PoS) technology to allow investors to…

Bitcoin (BTC) is flashing a potentially bullish indicator amid an overall crypto market downtick, according to the digital asset analytics firm Santiment. The firm notes in a new post on the social media platform X that the percentage of the BTC network’s available supply in profit is 84.4%. Explains Santiment, “This BTC ratio is at its lowest level in 2 months. Lower levels generally justify more bullish conditions.” BTC is trading at $59,170 at time of writing. The top-ranked crypto asset by market cap is up more than 2.5% in the past 24 hours but down more than 8% in…

One widely followed crypto analyst is warning Ethereum (ETH) traders that an ETH exchange-traded fund (ETF) approval from the U.S. Securities and Exchanges Commission (SEC) is unlikely to happen soon. Crypto trader Michaël van de Poppe tells his 715,800 followers on the social media platform X that traders may have to wait a little longer for an ETH ETF. “The Ethereum ETF is likely not going to be approved in May. However, the markets are undervaluing a potential approval in August, as Ethereum is still getting sold off. I think the chances of an approval in August is positive, through which I expect Ethereum to…

On-chain analyst Willy Woo believes Bitcoin (BTC) is on track to increase by over 1,500% based on one main driver. Woo tells his 1.1 million followers on the social media platform X that increasing adoption of Bitcoin could drive the top-performing digital asset to $1 million within 11 years. According to Woo, there is a historic correlation between Bitcoin’s value and the the number of Bitcoin users, which he expects to continue to increase based on his growth curve model. “On track for $1 million per BTC as ‘fair value’ by 2035. That’s if we take the user growth curve…

Bitcoin (BTC) is surging past the $61,000 price level as new data reveals that unemployment is on the rise in the US. According to a new economic news release from the U.S. Bureau of Labor Statistics (BLS), fewer-than-expected nonfarm jobs were added in the US during the month of April, contributing to the unemployment rate rising from 3.8% to 3.9%. “Total nonfarm payroll employment increased by 175,000 in April, and the unemployment rate changed little at 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, in social assistance, and in transportation and warehousing……

A pair of bipartisan US congressmen are reportedly asking the U.S. Securities and Exchange Commission (SEC) to greenlight options trading on spot Bitcoin (BTC) exchange-traded funds (ETFs). Citing a letter sent to SEC chair Gary Gensler, Axios reports that Representatives Mike Flood (R-NE) and Wiley Nickel (D-NC) say that approving options trading on Bitcoin ETFs is critical and crucial to investors that the securities watchdog seeks to protect. Reads the document, according to Axios, “We urge you, without delay, to approve options on spot Bitcoin ETPs or to provide an explanation for the Commission’s difference in treatment between options for…

A wallet for the meme asset Dogecoin (DOGE) is preparing to shut down. In a new thread on the social media platform X, Mishaboar, one of Dogecoin’s developers, tells investors to make sure they move their DOGE out of the Dogechain wallet before it shuts down on June 1st as well as keep a copy of their wallet’s private keys. “Make sure to move your DOGE out of http://dogechain.info (only use the .info domain!) before June 1st. Keeping a copy of Dogechain’s wallets’ private keys is also important – in case you still have the addresses in use somewhere, this…